The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-01-29
THE CITY'S WATER BILL
C0NSIDE BY THE TAKING
DISTRICT COUNCIL
And the Committee OF Ten-They
Agree to The 80 Per
Cent. Tax
AS A BASIS FOR ISSUING WATER
BONDS,
Hidden and Lee Alone dissenting
Harry Hill Off-rs a Resolution
That Is Voted Down.

1AEk DIG
dap afternoon at 2:30 o'clock to dis
cuss the water bill with the Citizens
Committee Of Ten. The following
gentlemen were present: Messrs.
Hidden, Lee, Montgomery, Patterson,
Randle, kuey and Graham. members
OF the CJuncil; Messrs. Hampton,
L~owenstein, Helm, John OvertoD, IT,,
Gen. Cotton Greene and Gavin, OF the
Waer Committee, and the following
visi'ors: Mess.s. I. B. Turley, B. Nj.
Estes, w. r. Moore, John Gum, Jas.
GALLAGHER and Harry Hill, attorney OF
The Bullock Water Company.
The meeting Yves called to order By
President Haddan.
Mr.. Rindls moved that the bill be
taken mp aud read section by section.
Mr.. Es'es thought i5 would be wei
II lin { o rate of interest on account
OF The various rates allowed in the diff.
ferent States. He thought the rate
should b limited to 6 per cent.
Judge Walker said that 5 per cent
had been Inserted as a warning to cap,
itslists that no more would DO raid.
Mr.. Lee sid that he rate OF Interest
should be settled upon sfter we ascer.
tain the true nature Of the bonds.
Gen. Greene thought the rate of in.
terest should be positively fixed,
Col. Montgomery favored the in
crease of the bonds as Maj Fleece said
iha works would cost 81, 500, 900.
Gen. Greene sad that Mai. Hum
phreys made The surveys for the com
mittee and that he had received es l.
mates from several parties based upon
this survey, and that they were con-
sidered by expert engineers in New
York and thought that vas gu efficient
TO bis his calculations on. He faid
that a thirty inch pipe would deliver
$4,000 gallons of water per day and
that wou' d be sufficient to supply the
city. He thought the works could be
built for less than $1,000 900.
Mr.. Lee said that a great deal de-
pended on the fuctuation of the
requisite material and of the price Of
labor. As things now stand we might
build for $1,200,00O. We should have
some margin for ffuctustien.
Gen. Greene thought 81, 100000 was
quite sufficient, notwitht landing all
possible fluctuations. He thought
capitalists would think the city was
asking for more than was necessary
and would look on the bonds with
suspicion.
MI. Overton thought the point we'll
taken and said that there was nothing
to hinder the Council from making up
the deficit by a tax.
Mr.. Montgomery thought thatin or.
der that there bs no second mortgage
it would be vel to issue a sufficient
amount OF bonds at the start.
Nh. Randle was under the impress.
sion that they were not to confne
themselves to Gen. Greene's rapport,
but advertise for bids from different
parts OF tbs country and only is.ue
enough bonds 10 cover the contracts
which might be accepted.
Mr.. E ties thought the amount
should be as low az possible. If $l,2O0,.
coo were found not sufficient the next
Legislature could authorize more.
MIR. Randle moved tina the amount
should be fixed at ST., 500, 900.
Cll. w. R. Moore said he did moi
favor the city owning water works.
he thought the ST., 20O,0 900 recon-.
mended by the Water Clmmit .ee was
gu to sufficient.
Msj. Hampton raid if it wee de.
cided to follow the Water Oommittee'e
report $1,000, 900 would be enough,
but al that YVES not yet agreed upon
he favored 81. SOC, 900.
Gen. Greene said thst the water
rates were higher here than in any
other city. He said the committee
had made a complete report and had
made a liberal estimate, so that il
would be wrong to saddle the people
with more than $l,2OO,0O0,
Mr.. Gavin said that supposing il
cost $4,000, 600, we want good water.
Ii We limit ourselves now we have lust
TO 90 back to the Legislature. He said
it looked as If we were afraid of u
selves. The O uncil is not going to
issue bonds for 81 100000 if they can
get it for III, If the city guar
autees the interest we will save
$3.50, 900 by it, as our bonds will bs so
much enhanced. l am in favor OF
$l.500,000 worth OF bonds, and II we
don't need more than 81, 100000 we
a destroy the rest after the works are
completed.
Mr. Estes said that they had full
confidence in the present Council, but
that we don't know how long they
may be in Office. He said that the
committee had recommended ST. 300
900, and that the Couacil, in making
it 81, 100000, had assumed a gave
responsibility. He said that $780,
600 would not probably be exhausted
before the next meeting Of the Legis-
lature.
Mr.. Moore said that he had full con.
6denCe in the Council, but THAI he
could not get his own consent to any
more than $780, 900. He said that
he, for one, was opposed to tina city's
guaranteeing the ialereat on the
bpnd2.
Mr.. Lee asked il it would be neccs-
sary t. issue p second m Nrtgags ON the
exhaustion of the ST, POO, 600.
Mr.. Gates said not of necessity, as
the subsequent issue could b. pro-
viIed for ia the bill.
Mr.. 0verton said that he would vote
for the i 100000 for one reason.
They had ssnt Gen. Greene North,
and had got advice from several ex.
perts, and they have told you that 1t
wouldn't require greater expenditure
than 81, 1000
Maj. Hampton said that he didn't
feel like tying the hands Of the Coun-
Gil, as he had full confidence that they
would act for the best. He said It
might be necessary to change the
plans before the work was finished.
He did not think the margin OF $780,
600 was too much, and favored the ST.
200 900.
Gen. Greene mentioned the Louis
vile Water Works, which were COM
pleted in 1865. He said that profits in
twsnty years amounted to over SO, 00O,-
0O0. He said he thought ST. 0 900 was
quite enough to build tine works. He
said that by the time the works would
have to be enlarged there would be
$500, 900 profits in the treasury.
Mr.. Gavin said that the price OF
iron was continually fluc uating. By
all means let us have pood wat r